Aided by a robust loan growth, Indiabulls Financial ’s second quarter consolidated net profit climbed 33% year-on-year to Rs 231 crore. Its asset under management (AUM) or the loan book expanded nearly 57% to Rs 23,792 crore. Net interest income (NII) rose 16% to Rs 441 crore during the quarter.
“Indiabulls Financial Services witnessed steady asset growth backed by disbursals of long-duration mortgage loans, especially home loans to the salaried segment. AUM has grown at a quarterly average of Rs 2,000 crore over the last eight quarters,” Gagan Banga, CEO, Indiabulls Financial Services said in a statement.
The consolidated total revenues ramped up by 57% Y-o-Y to Rs 912.7 crore during the three months period. Other income soared 76% Y-o-Y to Rs 17 crore adding to the bottomline.
Home loans currently form 71% of the company’s loan book. It disburses home loan at an average ticket size of Rs 23 lakh. Its loan to value ratio stands at 64% for an average term of about 13 years. This means, a borrower will get loan of Rs 64 against a property price of Rs 100.
Loan book break-up:
Mortgages:71%
Corporate loans:21%
Commercial vehicle:7%
Business loans:1%
On asset quality front, the NBFC cum housing finance company has relatively put up a good show. Its gross non-performing assets (NPAs) improved from 1% to 0.90% quarter-on-quarter, while the net NPAs stood at 0.32% compared with 0.37% in April-June quarter.
The company has recommended interim dividend of 300% at Rs 6 per share of face value of Rs 2. Indiabulls Financial Services shares on Friday dropped more than 4% to close the day at Rs 164 on the NSE.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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